Letter to Senate in Support of CFPB Arbitration Rule

Consumers Union, the policy and mobilization arm of Consumer Reports, once again urges Senators to support the Consumer Financial Protection Bureau’s rule to restore the rights of consumers to hold payday lenders, credit card companies, and other financial companies accountable under the law. These rights are essential to protect consumers when companies commit widespread wrongdoing, such as the fraud perpetrated by Wells Fargo on millions of its unsuspecting customers, or when companies fail to properly protect sensitive personal consumer information, as apparently occurred with the Equifax data breach that has potentially exposed the social security numbers and other personal information of up to 143 million Americans.